By Devika Patel
Knoxville, Tenn., July 23 – Main Street Capital Corp. priced a $125 million add-on to its 5.2% notes (BBB-) due May 1, 2024 on Thursday, according to an FWP filed with the Securities and Exchange Commission.
The company priced the notes at 102.674 to yield 4.418%, or 415 basis points over Treasuries.
Main Street Capital originally issued $250 million of the notes on April 23, 2019 at 99.125 to yield 5.401%, or a spread of 300 bps over Treasuries. The company tapped the notes on Dec. 2, 2019, selling $75 million at 105.001 to yield 3.951%, with a spread of 230 bps over Treasuries. The total outstanding is now $450 million.
RBC Capital Markets Corp., SunTrust Robinson Humphrey Inc. and Raymond James & Associates were the bookrunners.
Proceeds will be used to repay debt outstanding under the company’s credit facility.
The market lender for electric cooperatives is based in Herndon, Va.
| Issuer: | Main Street Capital Corp.
|
| Amount: | $125 million reopening
|
| Description: | Notes
|
| Maturity: | May 1, 2024
|
| Bookrunners: | RBC Capital Markets Corp., SunTrust Robinson Humphrey Inc. and Raymond James & Associates
|
| Co-managers: | Comerica Securities, Inc. and WoodRock Securities, LP
|
| Coupon: | 5.2%
|
| Price: | 102.674
|
| Yield: | 4.418%
|
| Spread: | Treasuries plus 415 bps
|
| Call feature: | Make-whole call at price equal to greater of par or Treasuries plus 45 bps
|
| Trade date: | July 23
|
| Settlement date: | July 28
|
| Rating: | S&P: BBB-
|
| Distribution: | SEC registered
|
| Total outstanding: | $450 million, including $250 million of notes issued April 23, 2019 at 99.125 to yield 5.401%, or a spread of 300 bps over Treasuries, and $75 million issued on Dec. 2, 2019 at 105.001 to yield 3.951%, with a spread of 230 bps over Treasuries
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
